African markets

Jamaica Stock Exchange partners with Ghana Stock Exchange

The Jamaica Stock Exchange (JSE) has entered into a partnership with the Ghana Stock Exchange (GSE), which will see the capital markets of Jamaica and Ghana expand their products and services to investors in both countries.

This is facilitated by a Mutual Recognition Memorandum of Understanding (MOU), which was signed by representatives of both entities at a special bell-ringing ceremony on Monday 2 May at the JSE’s Harbor Street offices in Kingston.

JSE Chief Executive Dr Marlene Street Forrest, who signed the document with GSE Chief Executive Peterson Ekow Afedzie, thanked GSE for making the trip to Jamaica, “as it fulfills our goal of strengthen our ties and improve our relationship with what we see as another area of ​​our diaspora connection – the South-South connection”.

Dr. Street Forrest noted that the JSE continues its efforts to diversify and expand its participation not only in local and regional markets, but also in international markets, and that the relationship with Ghana is strategic as the entity continues its vision 2025 to expand its frontiers for growth. and sustainability.

“We are continuing this journey of executing our Strategic Mission 2025 by going further into Africa, starting with Ghana where our people are similar. It is also in the continuation of the initiative to benefit both GSE and of JSE, because we feel that we can work together to ensure the creation of wealth, the development of our markets,” she added.

Dr. Street Forrest further noted that the JSE has collaborated well with many of its sister exchanges in the Caribbean and with exchanges in North America, the United Kingdom (UK) and other countries around the world.

She noted that through the MoU, the JSE is now beginning its push into the African continent, starting with Ghana, emphasizing that Africa, like the Caribbean, is the new frontier of growth and development. .

The Managing Director noted that there are certain commonalities that make the alliance with Ghana ideal, pointing out, for example, that like Jamaica, Ghana has a growing, young and educated middle class population that has high demand. of goods and services.

“Therefore, over the next few years, many companies around the world, I believe, will create industries and businesses in Africa and the Caribbean. I think as an exchange we are perfectly poised to benefit from such expansion,” she said.

She said the JSE also believes that an alliance with the GSE is a starting point to build alliances with other countries in Africa and to explore collaborations and cooperation on the continent.

“We have 50 years of experience; Ghana has [had its] exchange for 30 years, but we believe we can leverage both experiences to the benefit [of both parties]. There are enough commonalities for mutual understanding, collaboration and growth, and this will help flesh out these areas of cooperation and pave the way for a closer relationship, which we hope will benefit our exchanges. .. and deepen our ties across the continent,” she added. mentioned.

In his remarks, Mr. Afedzie noted that the signing of the MOU is historic for many reasons, including the fact that it is the first time that Jamaica has signed an agreement on the African stock market.

“It’s also historic for Ghana because it’s the first time we’ve reached out to the Caribbean as well,” he said.

Mr. Afedzie noted that the GSE is excited about the collaboration “which we believe will last a very long time. This collaboration [has led] it is up to us to sign a Memorandum of Understanding, which I hope and believe will lead to us having cross listings where we can have Ghana companies listed on the JSE and vice versa”.

“We believe that this collaboration can lead to further development of our economies; this can lead us to collaborate in terms of broader economies and therefore we also know that this collaboration will lead to the exploration of various investment opportunities across Jamaica and Ghana,” he added. .

The symbolic ringing of the bell during the ceremony signified the opening of the market and also officially welcomed the GSE Jamaica delegation and the JSE.

Mr. Afedzie, accompanied by a delegation from the GSE, is taking part in a week-long study trip to the JSE.